Location: Tyler, TX | Metro: Tyler, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
U.S. Census Bureau data (2024)
47.5% of residents in ZIP 75705 are renters, highlighting a significant demand for rental properties in the area. The $1220 Fair Market Rent (FMR) for Section 8 in ZIP 75705 for fiscal year 2024 indicates the government's benchmark for affordable housing, which is notably lower than the $1,375 market rent reported by the Census Bureau's American Community Survey. This gap suggests that landlords who participate in the Section 8 program can still offer competitive rates while ensuring their tenants have stable housing.
The median home value in the area stands at $205,735, reflecting the overall real estate market conditions. Despite this, the median income of $81,346 suggests that many residents might struggle to afford homeownership, further emphasizing the importance of rental options, including those supported by Section 8 vouchers. The lack of specific data on days on market (DOM) and the percentage of homes that had their prices cut indicates a relatively stable market without significant fluctuations or prolonged vacancies.
Investors considering Section 8 participation should note the $1220 FMR as it aligns with the financial needs of low-income families, ensuring that they can afford housing. The slightly higher market rent of $1,375 provides a comparison point for understanding the potential premium over government-set rates. Given the strong renter base of 47.5%, the demand for affordable housing is clear, and the stability implied by the missing DOM and price-cut data supports a favorable outlook for maintaining consistent occupancy.
The verdict on Section 8 for ZIP 75705 is positive, given the alignment between the FMR and the financial capabilities of the local population, alongside a robust demand for rental housing.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.